As another harvest season draws near, markets are a major topic among farmers across the country, especially with the current oversupply of soybeans, informs Local Farmer and past American Soybean Association Chairman Ron Moore:
“Soybeans are a worldwide production. Soybeans are grown in North America and South America. With all the trade uncertainties and tariff uncertainties that are going on right now, China has been our number one customer of soybeans, but over the years they have backed off that and are buying more from South America, Brazil, and Argentina. I have said before that the Chinese are better marketers than we are; they are going to buy a lot of beans when they think the bottom of the market is in. Typically, this time of year, right before harvest is when the markets are the lowest. So, I expect them to come in at some point, they might not buy as much as they have in the past, but I expect them to start buying soybeans. That will help the markets when you get increased demand. Farmers do a really good job of growing stuff, and this year is no exception. We have a lot of corn and soybeans here in the United States.”
The recent trade agreement between the United States and Indonesia is a step in sustaining demand for soybean exports.
